Hydraulic Fracturing Market size to exceed $65bn by 2024
Published Date: August 6, 2019 Authors: Ankit Gupta, Aditya Singh Bais
Hydraulic Fracturing Market size will surpass USD 65 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Rapid exhaustion of conventional reserves along with increasing investment toward development of unconventional fields will propel the hydraulic fracturing market growth. Accelerating consumption of oil & gas owing to surging demand from power plants, industrial, commercial and domestic sectors will complement the industry landscape. In addition, ongoing promotional measures adopted by respective government authorities including financial aids, tax incentives and FDI provision will further enhance the industry outlook.
The Latin America hydraulic fracturing market was valued over 2 billion in 2015. Ongoing discoveries of offshore deep-water hydrocarbon resources coupled with availability of abundant unconventional resources will complement the industry landscape. In addition, prevailing production declines primarily across the Gulf of Mexico and Argentina coupled with active participation by the foreign players will enhance the business outlook.
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The hydraulic fracking industry by sliding sleeves will witness extensive growth on account increasing demand from open hole wells and lower cost in comparison with other available technologies. It enables the operators to adjust the flow and manage the pressure in the wellbore by selecting which zones remain closed or open during the production. In addition, it can be utilized to inject water into individual zones during waterflood operations and circulate fluids from the annulus to the tubing above the production packer.
Browse key industry insights spread across 145 pages with 182 market data tables & 11 figures & charts from the report, “Hydraulic Fracturing Market Size By Well (Horizontal, Vertical), By Technology (Plug-And-Perforation, Sliding Sleeve), By Application (Crude Oil, Shale Gas, Tight Gas, Tight Oil) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Russia, Norway, China, Brunei, Australia, Indonesia, Saudi Arabia, Iran, Oman, Argentina), Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Tight oil hydraulic fracturing market will witness robust growth on account of ongoing development of unconventional resources along with significant technological advancement. For instance, as per Energy Information Administration (EIA), in 2018, over 6.4 mb/d of crude oil was produced from the U.S. tight oil resources that was equal to over 59% of the total oil production of the country in 2018.
Ongoing shale production and development activities primarily across China along with rich unconventional reserves will accelerate the growth across Asia Pacific region. Surging energy demand primarily due to robust economic growth and development have put pressure on the domestic energy production and security. For instance, as of 2019, China had over 600 gas wells, with over 700 new wells anticipated to come onboard by 2020 from Sinopec and CNPC projects.
The shale gas will witness a gain over 14% by 2024 across the global hydraulic fracking market. Increasing demand from manufacturing and commercial sector along with growing focus toward clean energy sources will foster the industry growth. Inclining production across the North America nations along with abundant shale reserves will augment the industry outlook. Furthermore, ongoing advancement tin drilling techniques coupled with declining technology cost will positively enhance the business outlook.
Eminent players operating across the hydraulic fracking industry are Haliburton, Weatherford International, FTS, Calfrac Well Services, Baker Hughes, Superior Energy Services, Trican Well Services and Schlumberger.
Hydraulic Fracturing market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion from 2013 to 2024, for the following segments:
Global Hydraulic Fracturing Market By Technology
- Plug and perforation
- Sliding Sleeve
Global Hydraulic Fracturing Market By Well
Global Hydraulic Fracturing Market By Application
- Crude Oil
- Shale Gas
- Tight Gas
- Tight Oil
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Middle East & Africa
- Saudi Arabia
- Latin America